MISSISSIPPI LEGISLATURE

1997 Regular Session

To: Ways and Means

By: Representative Morris

AN ACT TO REPEAL SECTION 27-7-308, MISSISSIPPI CODE OF 1972, WHICH REQUIRES THE BUYER TO WITHHOLD A CERTAIN PERCENTAGE OF THE SALE PROCEEDS IN CERTAIN SALES OF REAL PROPERTY AND ASSOCIATED TANGIBLE PERSONAL PROPERTY WHEN THE OWNER OF THE PROPERTY IS A NONRESIDENT OF THE STATE OF MISSISSIPPI; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 27-7-308, Mississippi Code of 1972, which requires the buyer to withhold a certain percentage of the sale proceeds in certain sales of real property and associated tangible personal property when the owner of the property is a nonresident of the State of Mississippi, is repealed.

SECTION 2. This act shall take effect and be in force from and after July 1, 1997.